This book investigates the historical evolution of the London foreign exchange market to explain why it remains the global center for currency trading despite the dominance of the US dollar and the competitive influence of New York. Ranald C. Michie, a noted economic historian, utilizes archival research and financial records to challenge the conventional narrative regarding the market's origins. He argues that the existence of an active foreign exchange market in London prior to 1914 is the key to understanding the city's enduring dominance in the global monetary system. By re-evaluating the 19th and 20th-century financial landscape, the author provides a new framework for interpreting the development of international currency exchange.

Experts recognize this work as a significant contribution to financial history that corrects long-standing misconceptions about the origins of the London market. Readers frequently note the academic rigor and the clarity with which the author connects historical data to modern financial structures.